Ninety One Asia Pacific Franchise I

Asia ex Japan fund managed using 4 factor quantitative process.

  • 435.39p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 4.50% 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.75%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.03%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.40%

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 29 July 2021, fund data last updated 25 July 2003

The Fund aims to achieve capital growth over the long term by investing primarily in shares of companies in the Asian region (ex Japan). The Fund uses a quantitative investment process (a '4 factor model') developed by Investec which selects companies that are able to increase their cash flows and also trade on attractive valuations.

Fund summary

Sector Asia Pacific Excluding Japan
Structure OEIC
Launched June, 2007
Size £350m
Yield 0.40%
Charging basis
Dividends paid Acc units only


Standard initial charge 4.50%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 1.03%


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Investment process

The fund is looking to achieve capital growth by investing in equities in Asia including Australasia and excluding Japan. The fund uses Investec's quantitative '4 Factor Model' which identifies stocks that score well on the following 4 factors: strategy, valuations, dynamics and technicals. Once these stocks are flagged, the fund manager evaluates them in more detail. Stocks with a high score are generally good buy candidates, while stocks with a lower score are generally viewed as sells.

Manager research

Average monthly relative returns

  • 16/17 0.55%
  • 17/18 0.64%
  • 18/19 -0.28%
  • 19/20 0.86%
  • 20/21 -0.15%

Bestinvest MRI

  • 3 years 0.15%
  • 5 years 0.33%
  • Career 0.19%
  • 3 years 74.50%
  • 5 years 95.70%
  • Career 99.70%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Greg Kuhnert

Kuhnert is a Financials sector specialist. Prior to joining Investec, Greg worked for Ernst & Young in 1995 before he qualified as a Chartered Accountant (SA) in 1997. He graduated from the University of Witwatersrand in Johannesburg, South Africa in 1994 and achieved a first class pass in Bachelor of Accountancy. Kuhnert was one of the top ten candidates in Part One of the Qualifying Exam of the South African Institute of Chartered Accountants in 1995. He is also a CFA charterholder.

Track record

Greg Kuhnert has 15.7 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.19%. During the worst period of relative performance (from June 2018 - October 2018) there was a decline of 8% relative to the index. The worst absolute loss has been 46%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance

Absolute -46.00% (October 2007 - November 2008)
Relative -8.00% (June 2018 - October 2018)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.


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Top 10 holdings

Data accurate as at 31 July 2020

9.4% Alibaba Group Hldg Ltd
8.4% Tencent Hldgs Ltd
7.6% Samsung Electronics Co
5.7% Netease Inc
5.2% Taiwan Semiconductor Co
5.1% Kweichow Moutai
4.1% Aia Group Ltd
4% Hangzhou Tigermed Consulting Co Ltd
3.5% Csl
3.3% Hengan Intl Group Co Ltd
Source: Trustnet

Sector breakdown

Consumer Staples 20.00%
Consumer Discretionary 20.00%
Information Technology 17.00%
Communications 16.00%
Health Care 11.00%
Financials 7.00%
Money Market 5.00%
Materials 3.00%
Industrials 2.00%


70-80 holdings


Stock weights +/- 5% compared to index, sector and country weights +/- 10%. Targets tracking error of 8%.

Key Investor Information